Upmarket property lawyers Moore Blatch warn that a ‘yes’ vote for Scottish independence on Thursday could push high-end rental prices and the cost of pied-a-terre properties in London higher.
With Scotland’s two leading banks and other financial institutions having already announced their intention to move their head offices to London in the event of a ‘yes’ vote, hundreds of senior staff are likely to have to move to the City.
Moore Blatch, which has already witnessed a decline in foreign investment in property, believes that such a migration of well-paid individuals to the City could reverse any recent stagnation in the London market.
George Gilpin, senior solicitor at Moore Blatch, says: “Whilst a lot of uncertainty surrounds the vote, if Scotland says yes, we could we see a boost in rental demand and rental inflation in London.
“Similarly, as many staff will not necessarily want to move permanently, we could also expect to see demand for pied-a-terres rise. In terms of house prices it is more a possibility of halting the decline caused by the reduction in investment from overseas and therefore more stable prices.”
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